cpk update, page-3

Finally some good news , for a change. They're building a shopping centre at Martha Cove , or at least they've got council approval to do so. They might be better off selling the development site with it's permit to Westfield/Stockland/Lendlease and grabbing the cash. They'd also end up with a better set of shops imho.
Sp is flat today at 12c, so the market doesn't hate the news, but hasn't got much enthusiasm either....

**********************************************************

18 June 2008
The Manager
Company Announcements
ASX Company Announcements Office
SYDNEY NSW 2000
CP1 LIMITED (ASX code: CPK)
MARTHA COVE COMMERCIAL CENTRE PLAN ENDORSED BY
COUNCIL
The Board of CP1 are pleased to announce that the Mornington
Peninsula Shire Council at their meeting on Monday endorsed the
revised plans for the Martha Cove Activity Centre (“Centre”).
The Centre consists of commercial and residential components that
will provide a central community hub and activity centre for the entire
Martha Cove development. The Centre will provide important services
and create the heart of the project for residents and visitors to enjoy
the unique ambience of the waterfront living and leisure lifestyle at
Martha Cove.
The Centre site is approximately 9380m2 and will comprise of the
following:
1. Grocery and retail space of approximately 2000m2;
2. Piazza which is partially covered;
3. 178 carpark spaces.
To view a copy of the Activity Centre proposal click on the following
link: http://www.cp1.com.au/mcactivitycentre .
CP1 LIMITED
Lee Danahay
Company Secretary
07 5572 8500